Kalshi is a prediction market site that’s federally regulated by the Commodity Futures Trading Commission (CFTC). This means that the operator is broadly available in 49 US states and DC. Kalshi offers a huge range of markets and the deepest regulated U.S. event contract volume, too.
In this Kalshi review, we’ll analyze precisely how the site works. We’ll also look at the operator’s fee structure, its current welcome bonus, the available payment methods, and how the site compares to its main competitor.
Thanks to its federal backing, Kalshi is legit and offers at least some markets in 49 US states (and DC). Here’s an overview of the brand:
| 🧑⚖️ Regulator | Commodity Futures Trading Commission (CFTC) |
|---|---|
| 🇺🇲 Legal States | 49+ DC |
| 📲 iOS / Android App Ratings | 4.8/5 (642k+ reviews) / 4.7/5 (148k+ reviews) |
| 💲 Minimum Deposit | $10 |
| 💰 Fees | ✅ Variable fee structure that depends on the type of order you place, the contract price, and the specific market |
| 💳 Payment Methods | Debit Card (Visa / Mastercard / Discover), Online Bank Transfer, PayPal, Venmo, Wire Transfer, Apple / Google Pay, Cryptocurrency |
| ⌛ Withdrawal Time | 1-5 business days |
| 💻 Support Channels | Live chat, Social Media Channels, Discord, Email ([email protected]) |
When you register with the operator using our Kalshi promo code, you’re eligible to claim a $55 trading bonus. You’ll also need to trade a minimum of $25 to qualify for the bonus, within seven days of opening your account.
So, although you can deposit as little as $10 when creating your account, you’ll need to cover the cost of your initial trades.
The offer is open to all new customers who are aged 18+ and live in an eligible state, apart from Michigan, Nevada, and Washington.
The trading bonus can be used exclusively for prediction markets, while it expires seven days after being credited. The $55 bonus credit is not withdrawable until it has been traded at least once. Here’s a step-by-step guide to claiming your bonus:
Click through the ‘Play Now’ icon in the Kalshi banner
Continue with your Google or Apple account
The Kalshi promo code (DEADPREMAR) will be automatically applied at this stage
Enter your mobile number and click to confirm whether you want to receive offers via SMS
Confirm verification code sent to your mobile number
Enter your legal name, home address, date of birth, and social security number
Scan the QR code to verify your identity via a third-party app
Upload a copy of your passport or drivers’ license
Provide your Social Security Number (SSN)
Deposit $10 or more using an eligible payment method
Certain limitations apply. The offer is available to new users only, subject to the terms and conditions at http://kalshi.com/tc/55. 18+ only. Restrictions and eligibility requirements apply. Event contract trading involves significant risk and is not appropriate for everyone. Please carefully consider if it is appropriate for you in light of your personal financial circumstances. Kalshi products are not available in all jurisdictions. See kalshi.com/regulatory for more information.
The “Trade $25 Get $55” promotion isn’t the only offer I found at Kalshi. Here are more promos currently available on the platform:
The Liquidity Incentive program rewards you for placing resting orders at Kalshi. Many traders prefer this as their orders don’t even need to get filled. As long as they add measurable liquidity during active periods, they’ll contribute to your score.
When a market is eligible for this promotion, it’ll be clearly labeled on its page. This makes it easy to see where liquidity rewards are available before you place your orders.
Kalshi takes random snapshots every second while markets are open. In each snapshot, your resting orders are evaluated based on two things: their size and how close they’re to the best bid.
Orders that help the market meet its target size requirement (usually between 100 and 20,000 contracts) are eligible for point accumulation. Larger orders and those placed closer to the best price receive higher scores. Orders close to the best bid get full credit with a 1.0 multiplier, while orders farther away receive partial credit based on the discount factor. Just note that this promo is being wound down and will be withdrawn completely on January 1st, 2027.
Kalshi runs a Market Bug Bounty program to help maintain its market’s accuracy and fairness. If you spot a bug or ambiguity in any pre-listed market, you can report it privately and receive a cash reward.
All traders can participate in the program. While checking out this promo, I discovered that rewards range from $25 to $100, depending on the severity of the issue. Minor bugs typically receive $25. However, reporting moderate bugs that may affect trading decisions but aren’t easily exploitable is rewarded with $50.
Severe bug reports are rare but taken seriously, as they can potentially create unfair conditions. The maximum reward is $100. I also found a special pre-listing bonus. If you report a bug before the market goes live, you receive an extra $10 plus the regular reward.
Like the Market Bug Bounty program, this promotion enlists traders’ help in identifying security vulnerabilities on the Kalshi site.
You can send your observation via a submission form or an approved email address listed on the site. Kalshi offers rewards based on the seriousness of the issue. The reward can come in the form of cash, public recognition, or other non-monetary incentives.
Kalshi is a regulated exchange where you can buy and sell contracts based on real-world event outcomes. You can bet on various real-world outcomes related to sports, politics, markets, crypto, climate, and tech. Remember, Kalshi sports betting isn’t available, like in regular sportsbooks. If you’re a sports bettor, you can only make Yes or No predictions at the site.
The markets include binary outcomes and require you to make predictions. All shares are priced between $0.01 and $0.99 while the market is open, with this value implying the probability of a particular outcome occurring. Pricing is dictated by trading sentiment and the bid/ask spread, which bridges the gap between preferred buying and selling prices:
While the display price often reflects the midpoint of the bid-ask spread, the execution price may vary. For example, a 42¢ bid and a 58¢ ask will have a midpoint of 50¢. However, your trade may be executed at the ask price when placing an immediate market order.
To provide further context, let’s say that you wanted to predict the outcome of the Rams NFL match against the Chargers. In this instance, the Rams are the heavy favorites, so you apply a 4.5-point handicap and unlock a “Yes” price of 58¢.
This implies a 58% win probability, while you buy 100 shares at an approximate price of 58¢ each. A dynamic, variable fee is then charged to your order, creating a total outlay of $59.71.
Just note that the more shares you buy through Kalshi event contracts, the higher the cost of trading. Here are your potential outcomes:
You can also buy shares in long-term events and markets, such as the 2028 US Presidential election. This includes the eventual winner and the likely nominee for the Democrat and Republican parties. These markets unlock competitive odds due to the sheer number of contracts and potential winners, although the corresponding probability values are also low. Trading fees may also be slightly lower for this type of market.
Kalshi operates a variable fee structure, with charges based primarily on the expected earnings of an individual contract. Interestingly, fees are only charged for orders that are matched immediately, while the brand applies market maker fees on selected contracts. Standard fees can be calculated as follows:
Fees = (M x 0.07 x C x P x (1-P)
M = Contract Multiplier (1 is the default unless stated)
C = The Number of Contracts Being Traded
P = The Price of the Contract in Dollars (50¢ = 0.50)
Using the previous example of the Rams spread against the Chargers, we can see how the dynamic fee of $1.71 is calculated and applied:
1 × 0.07 × 100 × 0.58 x (1 – 0.58) = $1.7052 ($1.71)
Below, you can see a summary of how dynamic standard fees are applied. This includes qualifying combination trades, which may also be subject to market maker fees. Note that there are non-standard fees that Kalshi may apply across selected markets, and you can find more information about these charges here.
| Markets | Additional Fees | Fee Multiplier | Fee Range (per 100 Contracts) | Taker / Maker Fee |
|---|---|---|---|---|
| Most Markets | ❌ | 1 | $0.07 – $1.75 | Taker Fee |
| Combos (Excluding uncorrelated NFL Picks) | ✅ Maker Fees – 50% of Taker | 1 | $0.07 – $1.75 | Taker Fee |
| Combos (Excluding uncorrelated NFL Picks) | ✅ Maker Fees – 50% of Taker | 1 | $0.04 – $0.88 | Maker Fee |
As we’ve touched on, you can trade event predictions across a wide range of markets at Kalshi. The following categories are among the most popular on the site.
This option lets you make only Yes/No predictions on various sports events. You can trade contracts on outcomes like which team will win a game, how many points a player will score, or who will advance in a tournament.
When browsing NFL matches, you’ll often find trading volumes in excess of $100,000. The most popular markets include spreads and totals, while extensive team and player props are also available.
The site also lets you analyze data, statistics, and trends to make informed predictions. However, note that results aren’t guaranteed. Note that Kalshi sports betting isn’t supported at the site. You can only make Yes/No forecasts on sports events.
On Kalshi, you can also predict the future of cryptocurrencies. Contracts may contain questions such as whether Bitcoin will reach a certain price by a set date or whether a specific altcoin will hit a milestone.
During this review, I saw an event on how low Bitcoin will get this year. Below $80,000 has 61% of the total predictions, while below $70,000 accounts for 20%. I clicked on below $80,000.
You can even trade BTC and crypto prices within 15-minute, daily, and monthly timeframes. These markets are highly volatile, but create the opportunity to bank short-term returns.
If you’re confident in your knowledge of new laws, regulations, and upcoming elections, you can try politics predictions. Don’t confuse this with the Kalshi election betting markets, as you can’t place bets on the site. Instead, you can only choose between the Yes or No options for political event outcomes.
Each contract’s price represents the likelihood, as assessed by all traders, that a particular outcome will occur. Depending on your interest, you can make predictions on what will happen in a few months or even years. This includes the contract for the Democratic presidential nominee in 2028.
Kalshi also offers a range of midterm prediction markets, including those to specific bills and individual Senate races. Slightly more generic markets also exist, including those referencing Democrat and Republican performances in the midterms.
Traders interested in entertainment can use Kalshi to forecast major cultural events. Whether you’re predicting which film will win the Oscar for Best Picture, which artist will shine at the Grammy Awards, or which song will top the Billboard Hot 100, Kalshi lets you turn your insights into potential profits.
You can also trade on critics’ reviews of movies and their expected box-office success, increasing the market for cultural predictions.
Other intriguing contracts pertain to the Time Person of the Year and Sexiest Man Alive in 2026. These markets are highly volatile but unlock significant opportunity to buy shares and flip positions profitably.
Economic predictions on Kalshi allow you to trade contracts tied to financial and macroeconomic events. You can forecast interest rate changes, unemployment figures, inflation rates, and GDP growth for upcoming quarters.
I made a prediction about US gas prices this month. The options include Above 3.05 (28% prediction) and Above 3.00 (83%). Each correct prediction awards you $1.00 per share. Note that trading US gas prices and similar markets may unlock additional maker fees.
Popular events in this category include the US inflation rate and 10-year Treasury yield, which generate huge volumes and let you buy contracts within different timeframes.
During this Kalshi prediction markets review, I also discovered that you can place two types of orders on the site. We’ve already touched on these order types, but here’s a breakdown of precisely how they work:
A quick order, also called a market order, is a request to buy a set number of contracts at the best available price immediately. Quick orders execute instantly, making them the fastest way to trade on Kalshi. When placing one, you choose the quantity and forecast option (Yes or No), and Kalshi fills your order at the lowest possible price. However, this will be closer to the ask price than the spread.
A limit order is suitable for traders who want more control when buying contracts. Unlike market orders, which execute immediately at the current price, a limit order lets you set the maximum price you’re willing to pay. This approach ensures you don’t overpay, helping you save money.
When you place a limit order, you’re telling the market that you want a deal at your price or less. If a seller agrees to your price or offers an even lower one, your order will be executed.
I prefer placing limit orders in volatile markets, where prices can change quickly, because they lock in the price I’m comfortable with. Another advantage is that I can avoid trading fees, depending on how my order is filled.
Currently, Kalshi is legal in 49 US states and DC. You can unlock unrestricted access in 44 states, while two (Ohio and Tennessee) have imposed restrictions on sports prediction markets.
Kalshi has also voluntarily restricted sports contracts in Michigan, Washington, and Montana, while Nevada is the only state to impose a total ban. Currently, the brand is facing serious legal challenges in Arizona, Connecticut, and Illinois, but they continue to operate there for the time being.
Across all payment methods, the minimum deposit limit at Kalshi is $10. You can deposit funds using both fiat and crypto options, although Visa, Mastercard, and Discover debit card transactions are subject to a 2% processing fee. This fee also applies to Apple and Google Pay transactions that use a connected debit card.
The same fee is applied to debit card withdrawals. Although withdrawals processed using debit card, PayPal, and Venmo are usually completed well within 24 hours, Kalshi places temporary holds on all deposited funds before they’re made available for transfer.
So, the average withdrawal times included in the table below apply after the deposited funds have been cleared.
Withdrawing via Venmo incurs a 1.75% fee with a $0.25 minimum. You must also have previously made a deposit via your Venmo account. To avoid these restrictions, consider using PayPal instead.
| Method | Deposit ( ✅ / ❌) | Processing Time | Minimum Deposit | Withdrawal ( ✅ / ❌) | Processing Time | Fees |
|---|---|---|---|---|---|---|
| Debit Card (Visa / Mastercard / Discover) | ✅ | Instant | $10 | ✅ | 0-24 Hours | 2% |
| Apple / Google Play | ✅ | Instant | $10 | ❌ | N/A | N/A |
| PayPal | ✅ | Instant | $10 | ✅ | 0-24 Hours | N/A |
| Venmo | ✅ | Instant | $10 | ✅ | 0-24 Hours | 1.75% fee (minimum $0.25). Requires Previous Venmo Deposit |
| Bank Transfer (ACH) | ✅ | Instant | $10 | ✅ | 3-5 Business DayS | None Applied to US Customers |
| Wire Transfer | ✅ | Instant | $1,000 | ❌ | N/A | N/A |
| Cryptocurrency (USDC) | ✅ | Instant | $10 | ✅ | 0-4 Hours | None (Network Fees Are Variable) |
Select “Add funds” in your Kalshi account.
Choose the “Debit Card” option.
Enter the amount you want to deposit.
Select the card you want to use.
If it’s your first deposit via debit card, or you want to use a new card, select “Add a card” and enter the card information, making sure it matches your debit card.
Review the transfer and confirm the transaction.
You can also follow these steps with only a few modifications if you want to deposit via cryptocurrency, bank transfer, or Wire.
Go to the Transfers tab by selecting the drop-down menu in the top-right corner.
Click Withdraw from Kalshi.
Select your withdrawal method.
Choose the debit card, bank account, or crypto option you want the funds sent to.
Complete the transaction.
The Kalshi mobile app is one of the most highly-rated platforms across both iOS and Android. The iOS app has maintained an impressive score of 4.8/5 across over 642,o00 reviews, with users praising its interface, depth of available markets, and sports coverage.
The Android app has an average rating of 4.7/5, albeit across a smaller number of reviews. Both apps are CFTC-regulated and unlock 2FA for additional security, while they include your portfolio view and order history to simplify the process of managing your positions in real-time. You can find out more about the software by reading our full Kalshi app review.
| Operating System | Average Score | No. of Reviews | Size |
|---|---|---|---|
| iOS | 4.8/5 | 642k+ | 133.3 MB |
| Android | 4.7/5 | 148K+ | 80 MB to 112 MB |
Unlike some of its US rivals, Kalshi allows you to create an account and trade via a desktop or mobile browser. The site is functional and user-friendly, with an intuitive layout that adapts seamlessly depending on the display size of the device that you’re using.
There’s also an accessible “Markets” page, where traders can browse all active prediction contracts. The dashboard displays your portfolio, balances, and open orders, with each dataset accessible via a single click.
Contracts load quickly (usually in less than five seconds), and order execution is simple. The website footer lists all important pages, including social media accounts, the help center, and trading prohibitions.
As we’ve touched on, Kalshi’s website is optimized for mobile forecasts. As such, you can make predictions on the move without having to compromise on your access to data. The speed of the platform enables you to execute trades at the optimal price, too.
Despite Kalshi’s excellent app scores on iOS and Android, the brand’s average Trustpilot rating is just 2.7/5. Approximately 62% of all Trustpilot reviews have awarded Kalshi just one star, with some complaints focused on withheld withdrawals and software glitches.
However, 33% of the brand’s total reviews award Kalshi a 5/5 score. You’ll find a sample of these reviews below, with many praising the speed and quality of customer support and rapid withdrawal times.
<b>User review: “Withdrawal times are quick and the site has the best odds out of all the apps I’ve used. Customer support replies are quick and substantive.” 5/5⭐</b>
FM “John Lopez,” US – Trustpilot review, 16th October, 2026
<b>User review: “I had initially not received my sign up bonus reward from joining. After talking with the chat experts they explained to me the process and requirements needed to be eligible, which then I was able to complete and they were able to credit my account.” 5/5⭐</b>
FM “Misa Andrews,” US – Trustpilot review, 10th October, 2026
<b>User review: “As a first time user, Kalshi support was very understanding and helped onboard me. They were very patient and generous, I appreciate the time they took and the personal touch applied throughout our conversation. They’ve gained a customer and a fan.” 5/5⭐</b>
FM “FP Lootcraft,” US – Trustpilot review, 7th October, 2026
Although the Trustpilot score could be improved, this has been aggregated from just 407 reviews at the time of writing. So, it can be hard to draw definitive conclusions from the feedback, although there’s significant praise for the Kalshi customer support. This seems to be a strong theme across all major review platforms and mirrors our own experience, too.
Kalshi is a legitimate prediction market site that’s regulated at federal level by the Commodity Futures Trading Commission (CFTC). During this Kalshi review 2026, I found that the brand had at least some availability in 49 US jurisdictions and DC, with some state restrictions pertaining to specific contract types. Thanks to the guidelines laid out by the CFTC, Kalshi is able to safeguard your capital in a number of ways:
Traders enjoy access to reliable, user-friendly customer support at Kalshi. Although I didn’t see toll-free phone support options, you can access an interactive live chat via the “Chat with support” icon. This is available via the ‘Menu’ icon in the top left-hand corner of the screen.
This is initially powered by an AI bot, but I was connected to a human agent within five minutes. My query pertaining to crypto deposits was fully answered in less than 10 minutes.
The email response team is also fast. I received replies to my message about state availability within four hours. The response was also polite and comprehensive, and I had no need to send a follow-up message.
The site also features a detailed ‘Help Center’ with frequently asked questions and answers on common issues. This makes it easy for traders to find answers on their own, without sending an email and waiting for a response. Kalshi features an active Discord channel where traders can connect and share experiences. You can also reach out to Kalshi via Instagram, X, LinkedIn, and TikTok.
Kalshi vs Polymarket is a rivalry that dominates prediction markets in the US. These two market leading brands currently account for over 92% of the total prediction market volume in North America, while both continue to trade in virtually all US states. Below, you can see a comprehensive comparison of the two sites and determine which one best suits your needs.
| Factor | Kalshi | Polymarket US | Which Site is Best? |
|---|---|---|---|
| Fees | Approximately $0.07 to $1.75 per 100 contracts, split between maker and taker rates | Taker-only fee structure, variable between different categories | ✅ Polymarket is better for market makers |
| Market Depth | Over 3,500 active markets, including hyper-specific sports props | Over 1,500 active markets, especially pertaining to sports | ✅Kalshi offers greater market depth overall and more specific sports props |
| Trading Volumes | Polymarket’s average weekly trading volume is $3.31 billion | Kalshi has an average weekly trading volume of $19.3 billion | ✅Kalshi offers higher trading volumes and greater liquidity on average |
| Payment Methods | U.S. bank transfer, Wire, Debit Card (Visa / Mastercard / Discover), Venmo, Apple Pay, Google Pay, PayPal, Crypto (USD) | Debit Card (Visa / Mastercard), Revolut, PayPal, Venmo, Wire Transfer | ✅Both platforms offer a diverse selection of payment methods, but Kalshi processes crypto transactions |
| Regulation | Kalshi is also a DCM and has held this status since November, 2020 | Polymarket US has held DCM status since November, 2025. The global exchange isn’t a DCM | ✅Both platforms have DCM status and are federally regulated, but Kalshi is more established |
Our detailed Kalshi review is based on first-hand testing and analysis of trusted, user reviews. Our methodology is applied consistently across all predicition market sites that we review, ensuring accurate insights and rankings that you can trust. When we test and review operators, we use the following criteria to guarantee fairness and transparency:
Kalshi is a trail-blazing prediction market site, and one that operates in 49 US states (plus DC) thanks to its CFTC regulation. It offers a huge range of markets across 12 permanent categories, alongside high volume, seasonal options such as the US midterm elections.
When trading on sports and leagues like the NFL, you’ll access hundreds of markets and hyper-specific props for each individual game. This includes customizable spreads and totals, which enable you to optimize value and tailor contracts to suit your risk profile. However, the application of withdrawal fees to some payment methods is disappointing, while Kalshi would benefit from enhancing its Trustpilot score and presence.
If you do want to register for a Kalshi account, just click the banner on this page and auto-apply your ‘DEADPREMAR’ promo code. If you’re still undecided, check out our Polymarket comparison above or some alternative sites below.
Thanks in part to its CFTC regulation, Kalshi takes the concept of responsible trading very seriously. This is why you must be aged 18 or older and based in a licensed state to signup and trade with the operator. But what responsible trading tools are at your disposal on Kalshi?
Yes, Kalshi is fully legal in the US. As seen during my Kalshi review, it’s regulated by the CFTC as a Designated Contract Market. At the time of writing, Nevada is the only state in which Kalshi is completely prohibited.
Nevada aside, Kalshi is legal in 49 US states and the district of DC. However, sports prediction market restrictions exist in Ohio, Tennessee, Michigan, Washington, and Montana, while legal challenges are pending in Arizona, Connecticut, and Illinois.
Kalshi offers markets across sports, politics, crypto, cultural events, economic indicators, and climate predictions. Traders can buy Yes or No contracts on their preferred events, and potentially sell their positions early in the search of more secure profits.
Yes. Kalshi uses industry-grade encryption to protect traders’ data. Transactions are processed through trusted partners such as Plaid and Coinbase Custody to safeguard funds and personal information.
Yes, Kalshi offers exceptional sports coverage, especially across high-profile US leagues like the NFL, MLB, and NBA. The site also offers highly specific props and customizable spreads when trading NFL matches.
While Polymarket is better for market makers due to the absence of fees, Kalshi offers a broader range of markets, higher volumes, and greater liquidity overall. Kalshi also enables you to deposit and withdraw via cryptocurrency, unlike the Polymarket US site.
Kalshi adopts a variable fee structure, which is based primarily on the expected earnings associated with an individual contract. Fees are only applied to market orders that are matched immediately, while market maker fees may also be charged to selected contracts.
Yes, Kalshi offers a range of responsible trading tools, including trading breaks, customizable deposit limits, and voluntary self-exclusion. Kalshi also runs AI health checks, which can identify erratic or problematic trading activity and ensure that you’re trading within your means.
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